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Overseas Joyce

Overseas Shipholding Group, Inc. (OSG) is one of the world's most customer focused marine transportation companies, providing high quality tonnage and value-added services to major oil companies and other major charterers around the globe. The Company is focused on identifying and meeting the needs of our partners and customers in a rapidly changing market. OSG's presence in the U.S. Flag trade dates back to 1953 with the purchase of five Liberty ships. In the 1970s, the industry experienced significant expansion as a result of the U.S-Soviet grain agreement, the Strategic Petroleum Reserve Program and the opening of the Trans-Alaskan Pipeline. The U.S. Flag trade, specifically the Jones Act trade, has significant barriers to entry as it is limited to U.S.-based and U.S.-controlled companies. OSG's U.S. Flag Jones Act fleet carries crude oil from the Alaskan North Slope to the U.S. West Coast and petroleum products in and around the East Coast, West Coast and the U.S. Gulf of Mexico.

OSG has been awarded four U.S. Maritime Security Program slots each for a 10-year term. The program ensures that militarily-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency. In return, OSG will receive $2.6 to $3.1 million per year for each vessel over the term of the agreement. The U.S. Maritime Security Program (MSP) ensures that militarily useful U.S. Flag vessels are available to the Department of Defense in the event of war or national emergency. Under the Program, companies receive $2 million to $3 million per annum per ship in exchange for a guarantee that the ships which are engaged in the U.S. to foreign trades will be made available to the U.S. government in the time of war or national emergency.